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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
A Glossary of Political Economy Terms. Diminishing returns, law of. Sometimes also referred to as the law of variable proportions, this law is really a generalization economists make about the nature of technology when it is possible to combine the same factors of production in a number of different proportions to make the same product. The law states: